Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Navitas Semiconductor Corp shares valued at $184,507 were sold by Sheridan Eugene on Mar 14 ’24. At $4.80 per share, Sheridan Eugene sold 38,431 shares. The insider’s holdings dropped to 3,061,631 shares worth approximately $13.38 million following the completion of this transaction.
Also, Kinzer Daniel M. sold 24,073 shares, netting a total of over 115,574 in proceeds. Following the sale of shares at $4.80 each, the insider now holds 4,538,353 shares.
Before that, Singh Ranbir had sold 10,925 shares from its account. In a trade valued at $52,451, the EVP, GeneSiC Business traded Navitas Semiconductor Corp shares for $4.80 each. Upon closing the transaction, the insider’s holdings decreased to 10,925 shares, worth approximately $0.13 million.
As published in their initiating research note from Northland Capital on January 16, 2024, Navitas Semiconductor Corp [NVTS] has been a Market perform. Analysts at Morgan Stanley started covering the stock with ‘”an Equal-weight”‘ outlook in a report released in late August. As of February 24, 2022, Rosenblatt has initiated its “Buy” rating for NVTS. Earlier on February 17, 2022, Needham initiated its rating. Their recommendation was “a Buy” for NVTS stock.
Analyzing NVTS Stock Performance
During the last five days, there has been a drop of approximately -3.32%. Over the course of the year, Navitas Semiconductor Corp shares have dropped approximately -45.85%. Shares of the company reached a 52-week high of $7.92 on 01/02/24 and a 52-week low of $4.16 on 03/25/24. A 50-day SMA is recorded $5.33, while a 200-day SMA reached $7.10. Nevertheless, trading volume fell to 1.85 million shares from 2.21 million shares the previous day.
Support And Resistance Levels for Navitas Semiconductor Corp (NVTS)
According to the 24-hour chart, there is a support level at 4.27, which, if violated, would cause prices to drop to 4.17. In the upper region, resistance lies at 4.43. The next price resistance is at 4.49. RSI (Relative Strength Index) is 38.76 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.08, which suggests the price will decrease in the coming days. Percent R is at 72.37%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Navitas Semiconductor Corp subject to short interest?
Stocks of Navitas Semiconductor Corp saw a sharp rise in short interest on Mar 15, 2024 jumping by 4.19 million shares to 19.27 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 15.08 million shares. A jump of 21.74% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.28 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.28.
